Many of us consumers don’t know the correct processes when it comes to getting that dream car. Here at CMH Kempster Ford Durban South, we will gladly assist in simplifying the process for you, so you know you are making an informed decision.
How does vehicle finance work?
A financial lease lets you use the vehicle as your own, without owning it. You pay monthly instalments over a specified repayment period (up to 84 months), and once the lease is up, you have the option of owning or returning it. And because everyone deserves to have options, here at CMH Kempster Ford Durban South, finance is arranged with all major banks including Ford Options. This is our finance package that’s tailored to suit your needs.
Apply for finance
1. Must be 18 years old or older.
2. Must be a permanently employed salaried individual, earning a minimum salary of R6500 pm.
3. Must have a valid South African driver’s licence with no endorsements.
4. Must be a South African citizen or permanent resident.
5. Must have an excellent credit history.
With any loan, your credit score is the single most important factor in determining everything from your interest rate, the loan amount, the monthly payment, and even the ‘yes’ or ‘no’ from the dealer – or your credit union or bank.
When your score is between 580 and 669, your rating is fair, and you are a subprime borrower, and the dealership will consider your application. If you are between 670 and 739, you have a solid credit rating, and as such, you are not likely to default on your finance agreement. Finance will be approved.
Documents needed for finance
1. Copy of your SA ID and driver’s license
2. 3 months’ payslips
3. 3 months bank statements (if self-employed it will be 6 months bank statements)
4. CK documents when buying through a company
At CMH Kempster Ford Durban South, we pride ourselves in ensuring every customer that walks through our doors gets the very latest in vehicle finance and we try our level best to get as many approvals as we can to make those dreams of buying a car come true!!
What is pre-approved vehicle finance?
This is a provision that guarantees you to receive a vehicle loan even before you even select a car to buy. When you get pre-approved, the bank will give you a quote of how much they can lend you and a letter of commitment that you can take to the dealership.
Do pre-approvals hurt your credit score?
Inquiries for pre-approved offers do not affect your credit score unless you follow through and apply for the credit. Anyone who receives an offer still must fill out an application before being granted credit.
Our finance department is on the ball when it comes to getting you approved BUT most important to note is provided, we have all your correct documents, and all checks have been verified, we can get you same-day approval. Approval sometimes takes longer in cases like confirming employment/ verifying company information.
Approval is valid for 1 WEEK (although bank papers say 30 days) this is due to ITC updating every 7 days, so this means you might get approved now, but if a customer takes longer to accept the approval and ITC updates it might decline the deal afterwards.
Contact CMH Kempster Ford Durban South on 031 451 4700 to find out more.
Visit us at 274 Solomon Mahlangu Drive, Bluff 4052
Browse: www.bluffford.co.za